• Mali creates state-owned Sopamim to manage mining stakes

• Move aims to boost state control, revenue share

• Mining generated 1,075 billion CFA francs in 2022

The Malian government said on Friday, Feb. 6, 2026, after a cabinet meeting, that it had created a new state-owned company to increase state control over the mining sector.

The company, Société de patrimoine minier (Sopamim SA), will be wholly owned by the state. Its main role will be to acquire and manage the government’s stakes in mining projects. Through this entity, Bamako aims to centralize the management of its mining assets as it reshapes its relationship with extractive companies.

Mining is central to Mali’s economy. The sector, dominated by gold, places the country among West Africa’s leading producers and has attracted several international majors, including Canada’s Barrick Gold, one of the world’s largest gold and copper producers.

According to a report by the Extractives Global Programmatic Support (EGPS), a World Bank-backed initiative, extractive sector revenues were estimated at 1,075.4 billion CFA francs (about $1.95 billion) in 2022. These revenues accounted for 9.2% of gross domestic product and 53.53% of collections by the tax authority (DGI). However, the sector employed only 1.9% of the workforce, underscoring its limited direct impact on employment.

A regulatory framework in transition

Mali’s mining framework has undergone several changes since the 1990s. The 1991 Mining Code marked a period of liberalization, aimed at attracting foreign investment through generous tax incentives. A 1999 reform extended that approach.

From 2012, authorities began shifting toward a larger state share of mining revenues. The shift accelerated with the adoption of a new Mining Code in August 2023, seen as a turning point under the “sovereigntist” policy promoted by President Assimi Goita.

Under the new code, the state is entitled to a 10% stake in new mining projects, with the option to increase this to 30% by including shares reserved for local investors. The creation of Sopamim SA forms part of a broader strategy to strengthen state control over natural resources, raise the share of mining wealth retained domestically, and expand the participation of national companies and workers in the sector’s value chain.

Carelle Tahou